周观REITs：招商高速公路REIT上市

Industry Dynamics - On November 21, the China Merchants Expressway REIT was officially listed on the Shenzhen Stock Exchange with the fund code 180203. The REIT issued 500 million fund units at a price of 6.99 yuan per unit, raising a total of 3.496 billion yuan. The underlying asset is the Anhui Bozhou-Fuyang Expressway, which has been in operation since December 2006, with a total length of 101.3 kilometers and toll revenue of approximately 446 million yuan in 2023 [10] Primary Market - As of November 22, 2024, the total issuance scale of listed REITs reached 146.4 billion yuan, with a total of 51 REITs issued [13] Market Performance - The REITs market experienced a downturn this week, with Huatai Jiangsu Transportation Control REIT leading the gains at +2.41%. The CSI REITs Index fell by 0.63%, the REITs Total Index dropped by 0.30%, the Property REITs Index declined by 0.29%, and the Operating Rights REITs Index decreased by 0.52%. From a macro asset perspective, the REITs Total Index outperformed the CSI 300 Index by 2.29 percentage points but underperformed the CSI All Bond Index by 0.31 percentage points and the Nanhua Commodity Index by 1.57 percentage points [17] Liquidity - The overall trading activity of REITs decreased this week, with transportation infrastructure REITs recording the highest trading volume. The total trading volume (MA5) of REITs this week was 484 million yuan, a decrease of 4.5% compared to the previous week. The trading volumes (MA5) of property and operating rights REITs were 241 million yuan and 243 million yuan, respectively, with changes of +11.8% and -16.5% compared to the previous week. Among the subcategories, transportation infrastructure REITs had the highest MA5 trading volume at 153 million yuan, accounting for 31.5% of the total [129] Valuation - In the valuation of REITs, among the industrial park infrastructure REITs, the CICC Zhongguancun Industrial Park REIT had the lowest PV multiple at 0.62, while the Guotai Junan Dongjiu New Economy REIT had the highest valuation yield at 7%. Among the energy infrastructure REITs, the CITIC Securities State Power Investment New Energy REIT had the lowest PV multiple at 1.06, and the Penghua Shenzhen Energy REIT had the highest valuation yield at 4.34%. For logistics REITs, the CICC Prologis REIT had the lowest PV multiple at 0.81, and the Harvest JD Logistics Infrastructure REIT had the highest valuation yield at 7.22% [139] Correlation - In terms of correlation, over the past 250 days, the CSI REITs Index had correlations of 0.14, 0.05, and -0.01 with the CSI 300 Index, CSI All Bond Index, and Nanhua Commodity Index, respectively. The Property REITs Index had correlations of 0.12, 0.05, and -0.01 with the same indices, while the Operating Rights REITs Index had correlations of 0.09, 0.06, and -0.02. Over the past 20 days, the CSI REITs Index had the highest correlation with the CSI Convertible Bond Index at 0.444 [120]